George Dana Gould

George Dana Gould, a venerable Wall Street leader, key figure in New York City’s 1970s bail-out, and Under Secretary of the Treasury during the Reagan administration, died peacefully at home in Palm Beach, Florida, on April 26. He was 94 years old.

Mr. Gould’s career spanned private and public sectors. A noted force on Wall Street, in 1974 he ascended to chairman of Donaldson, Lufkin & Jenrette, the investment bank he joined in 1961 after entering his profession at private investment firm Jeremiah Milbank. In 1977, he became chairman of Madison Fund, a publicly-traded closed-end investment company, and general partner of Wertheim & Company.

While he did not seek a career in public affairs, that path sought him. Regarded for his intellect and ability to navigate complex and nuanced situations, Mr. Gould was a trusted advisor to national, state and city leaders. In 1975, when New York City faced financial ruin, Mayor Abraham D. Beame phoned Mr. Gould at 1am seeking help with the banks. He and Felix Rohatyn were architects of the plan that kept the city out of bankruptcy court. Mr. Gould was an original member of the New York City Municipal Assistance Corporation (MAC) and eventually succeeded Rohatyn as its chairman.

Along with the MAC, Mr. Gould chaired multiple state agencies, including the New York State Housing Finance Agency, New York State Medical Care Facilities Finance Agency, State of New York Mortgage Agency, New York State Project Finance Agency and the Dormitory Authority of the State of New York.

In 1985, United States Secretary of the Treasury James Baker appointed Mr. Gould Under Secretary of the Treasury for Finance, a post he held until 1988. For this service, he received the Alexander Hamilton Award, the Treasury Department’s highest honor. Mr. Gould was also appointed by President Reagan as the Chairman of the Working Group on Financial Markets to examine the effects of the October 19, 1987 stock market crash.

Mr. Gould also chaired the Finance and Governance Committees of Freddie Mac and the U.S. government’s Hungarian-American Enterprise Fund in Budapest – a presidential appointment. Mr. Gould directed the Brandywine Trust Company and was federally appointed as liquidating trustee from 1991 to 1996 of Drexel Burnham Lambert. During the early 1980s, Mr. Gould served as the Federal Court approved advisor to the Central States Teamsters Pension Partnership and was director and chairman of the Illinois Central Railroad from 1990 to 2000.

He is survived by his wife of 16 years, Darcy Mead Gould, son George Gould, stepsons William Bancroft (Debbie), Montgomery Bancroft (Karen) and Michael T. Damgard (Lucy), stepdaughter Julie Frist (Tommy), grandchildren George D. Gould II and Sage Gould, and nine step-grandchildren. He also leaves behind his beloved dog Bradford. Mr. Gould was preceded in death by his parents Mr. & Mrs. E. Wellington Gould and his first wife, Julie Echols Gould, who died during their marriage.

A Harvard Business School graduate, earning an MBA with high distinction in 1955, Mr. Gould was president of the Century Club honor society and a Baker Scholar. He received a B.A. in Economics, honors with distinction and high orations, from Yale University in 1951 after graduating from Andover in 1945.

Mr. Gould served on the Montefiore Hospital (Bronx, NY) Board of Trustees and was a member of the Palm Beach Civic Association. He supported many other charities including the Preservation Society of Palm Beach, The Four Arts of Palm Beach and Peggy Adams Animal Rescue League.

Mr. Gould was born in Boston on May 22, 1927. His father was a private investor. His mother died when he was 5 years old and he was raised by his aunt.

Mr. Gould’s life outside work was dynamic and full. Tall and composed, the longtime lover of West Highland Terriers was equally at home pursuing philanthropic endeavors or outdoor recreation. He was an accomplished skier, avid tennis player and had a passion for bird hunting. He particularly enjoyed his shooting syndicate in Scotland and his frequent hunting trips to Europe and South America. A voracious reader who often finished a book daily, Mr. Gould preferred biographies and historical nonfiction – and thrillers in later life.

Mr. Gould was a man without pretense. He was humble about his many achievements and treated all that crossed his path with compassion and respect. While he was passionate about his work, he was perhaps happiest overlooking his newly planted garden while smoking his pipe. Regarded as a proper gentleman and a loyal friend, Mr. Gould was always eager to help those in need and was widely known for his uncompromising integrity.

Socially, Mr. Gould was a member of a number of clubs in the communities where he lived. Those include The Brook (where he was a Governor), The Bath & Tennis Club, The Everglades Club, Whites in London, and the Meadow Club of Southampton, where he loved to play tennis with his family.

Mr. Gould loved his family, his communities and his country and served them all with distinction.

A memorial service will be held at St. Andrew’s Dune Church in Southampton, New York, at a later date.

In lieu of flowers, memorial contributions may be directed to St. Andrew’s Dune Church and Peggy Adams Animal Rescue League.